Ad-Free CAclubindia and Daily Updates on your mobile. Subscribe Now!

need clarification

07 March 2019

my friend shop grass sales of f y 2017-18(ass 2018-19) 95,00,000/-
is he file the return ITR 3
below 8/- percentage with p&l balansheet with out audit
please clarify

Reply
Follow
Share

7 Replies

RAJA P M ("Do the Right Thing...!!!") (127921 Points)
Replied 07 March 2019

Yes... He can file u/s 44AA...
No more problems...

Upgrade to CAclubindia Pro. Subscribe Now!

Gaurav (SELF EMPLOYED) (100 Points)
Replied 07 March 2019

Yes you can file ITR 3 by maintaining your books u/s 44AA and getting your books audited u/s 44AB. If declaring income below 8% it is mandatory to get your books audited.

RAJA P M ("Do the Right Thing...!!!") (127921 Points)
Replied 07 March 2019

Originally posted by : Gaurav
	Yes you can file ITR 3 by maintaining your books u/s 44AA and getting your books audited u/s 44AB. If declaring income below 8% it is mandatory to get your books audited.

Audit not applicable if he will file u/s 44AA even Profit les than 8%...

Gaurav (SELF EMPLOYED) (100 Points)
Replied 07 March 2019

Books are required to be maintained u/s 44AA because it will be audited u/s 44AB. it clearly states that if the profits are below 8% of net income books are maintained and section 44AB states that the accounts are to be audited if less than 8% even if the turnover is less than 1CR.

RAJA P M ("Do the Right Thing...!!!") (127921 Points)
Replied 07 March 2019

Please can You give the ref or details if less than 1cr

Upgrade to CAclubindia Pro. Subscribe Now!

PUSHP KUMAR SAHU (CA FINAL ASPIRANT) (3115 Points)
Replied 07 March 2019

you have to maintain books of accounts as specified in section 44AA and get them audited u/s 44AB by chartered accountant....if you declaring less than 8% of the profit

RAJA P M ("Do the Right Thing...!!!") (127921 Points)
Replied 07 March 2019

Sec 44AB applicable only if Turn Over exceeding Rs 1cr. Less than 1cr then Tax Audit not applicable if U/s 44AA even less than 8 percent Profit declare....